UPDATE: The deal is done. And as expected, he’ll receive three years and an option for 2015.

According to Dylan Hernandez of the Los Angeles Times, Billingsley will be guaranteed at least $35 million from 2012-2014. If the Dodgers exercise the option for 2015, he could make as much as $46 million.

Billingsley will earn $9 million in 2012, $11 million in 2013, $12 million in 2014 and either a $14 million club option for 2015 or a $3 million buyout.

Details aren’t yet available, but multiple sources tell Tony Jackson of ESPN Los Angeles that the deal will cover 2012-2014 with a possible option for 2015. If true, the contract would buy out his final year of arbitration and his first two years of free agency. Billingsley and the Dodgers avoided arbitration by agreeing to a one-year, $6.275 million contract in January.

Billingsley, 26, is 59-41 with a 3.55 ERA over his first five major league seasons, averaging 8.2 K/9 and 3.9 BB/9. The former 2003 first-round pick went 12-11 with a 3.57 ERA over 31 starts last season.

UPDATE: Dylan Hernandez of the Los Angeles Timesreports that the contract is worth $35-36 million, including the buyout of the option year. He adds that the salary for the option year is still being negotiated.

Pending all the details, this looks like a great move for the Dodgers. While not quite as talented as Kershaw, Billingsley has performed well despite some inconsistency with the potential to do more. The Dodgers are doing well to have both Billingsley and Kershaw at the front of their rotation for the next several years. Billingsley may never win a Cy Young but he looks like a good bet to give you a good ERA, 200 or so innings and a lot of quality starts season in and season out for what looks to be a reasonable price. Good move!

I see Weaver and Liriano playing elsewhere, probably Greinke too unless his numbers this year and next mirror what he did last season. I don’t se the Brewers signing both he and Marcum long terms. The Phils would be wise to lock up Hamels as the other three aces are all on the wrong side of 30.